Reference no: EM132515699
Questions -
Q1) On May 1, 8, Redcomet Company purchased $60,000 of Watson Company 5% bonds at 102. The bonds were dated December 31, 7, and pay interest on June 30 and December 31.
Required: Journalize Redcomet Company's transaction to record the receipt of interest on June 30, 8.
Q2) On December 31, 6, Morris Company issued $300,000 of 20-year, 3% bonds for $196,000. These bonds were issued to yield an effective interest rate equal to the current market rate of 6%. The bonds pay interest on June 30 and December 31.
Required: Journalize the entry to record the interest payment and the amortization of bond discount or bond premium on June 30, 7.
Note: Morris Company uses the effective interest method of amortization of bond discount or bond premium. Round your responses to the nearest dollar.
Q3) On May 1, 7, Sanchez Company issued $828,000 of 5% bonds at 87. The bonds were dated December 31, 6, and pay interest on June 30 and December 31.
Required: Compute the cash received from the issuance of bonds.
Q4) On December 31, 6, Jones Company issued $1,890,000 of 10-year, 11% bonds for $2,275,000. These bonds were issued to yield an effective interest rate equal to the current market rate of 8%. The bonds pay interest on June 30 and December 31.
Required: Journalize the entry to record the interest payment and the amortization of bond discount or bond premium on June 30, 7.
Note: Jones Company uses the effective interest method of amortization of bond discount or bond premium. Round your responses to the nearest dollar.
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